Benefits of a Family Foundation
Article previously published December 3, 2023. Updated December 2, 2024. A family foundation is a type of 501(c)(3) tax-exempt nonprofit organization that allows its founders to set up a formalized charitable grantmaking enterprise funded by one individual or a few family members. It is usually funded with family assets. The family foundation is a flexible […]
Nonprofit Law Basics: What is the Difference Between a Public Charity & a Private Foundation?
The terms of nonprofit entities can be so confusing … public charity … private foundation … private nonoperating foundations … private operating foundations … public charities that act as foundations. What are they, and how do you tell which is which?
Since 1968, the Internal Revenue Code has distinguished Section 501(c)(3) nonprofit organizations into two tax categories: private foundations and public charities…
Disaster Relief – How Employers Financially Can Help Employees
Can employers directly help their own employees impacted by a natural disaster? Donations to charities make a difference, but many business owners are frustrated that charitable donations don’t go directly to help employees, independent contractors, or local community members. Employers have options to directly support employees and their local community. The IRS allows employers to […]
Rules of the Game: Professional Athlete’s Foundations
The Cullinane Law Group helps professional athletes in their mission to give back and bring good to the world. Our clients — both current leaders in their sport and others retired from competition — start foundations as a way to do more good in the world. With high levels of scrutiny from fans and the media, professional athlete’s foundations must be structured and managed appropriately.